NEW YORK, Oct. 4 /PRNewswire-FirstCall/ -- Investment firm, W. P. Carey & Co. LLC announced today that its publicly held, non-traded REIT affiliate, CPA(R):16 - Global, provided $31 million in financing to German automotive manufacturer, The Voit Group ("Voit").
CPA(R):16 - Global purchased Voit's headquarters and manufacturing facility in St. Ingbert, Germany and is leasing it back to Voit on a long-term basis. A traditional family-owned, German middle-market or "mittelstand" company, Voit was established in 1947 by the Voit family in St. Ingbert. Voit manufactures complex, precise, sheet metal parts and ready-to-install machined aluminum die-cast components for automobiles. Producing nearly 200 million parts annually, Voit is active all along the value chain, providing customers like Bosch, ZF, Behr and Siemens with initial design and tool making, manufacturing, final assembly and logistics.
"The automotive industry is facing many challenges. As a family-owned automotive manufacturer, it is imperative that we remain market savvy, growth- oriented and competitive in an increasingly global market," said Martin Voit, President and CEO of Voit. "W. P. Carey's team provided us with a custom-made source of financing that allowed us to recapitalize our balance sheet and pursue essential growth initiatives. Consequently, we have been able to evolve with our industry and address the current and future needs of our customers."
"Voit is exactly the type of German mittelstand company we like to work with," said Edward V. LaPuma, President of W. P. Carey International. "It represents a new generation of European companies that are beginning to use creative financing structures, such as the sale-leaseback, to focus on and enhance their core competencies. Working with these types of companies, we have enabled them to monetize their real estate assets to fund expansion and ongoing operations while allowing them to maintain a consistent level of operating control and management over their facilities. Together with owners and corporate management we have been able to develop and structure a solid economic platform that supports our own long term investment objectives and criteria as well as the future interests of the companies' owners. We look forward to working with Voit again in the future."
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With over $9.6 billion in assets and $5 billion in equity capital, the Company and its CPA(R) series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com
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This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
COMPANY CONTACT: PRESS CONTACT:
Kristina McMenamin Guy Lawrence
W. P. Carey & Co. LLC Ross & Lawrence
212-492-8995 212-308-3333
kmcmenamin@wpcarey.com
gblawrence@rosslawpr.com